In a recent published report, Kenneth Research has updated the market report for Position Tracking System Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Position Tracking System Market products.
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The Position Tracking System Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.
Market Synopsis of Position Tracking System Market
Market Scenario:
The position tracking system market isn’t just growing, it is accelerating. Position tracking system allows tracking the current position of an object or a person through sensors and technologies being implemented. GPATS, Position Tracking Systems, Kongsberg Maritime and Advanced Real-time Tracking are a few major players in the global position tracking system market.
Growing demand for indoor position tracking system from retailers and other industry verticals is set to drive the growth of the position tracking system market. Increasing traction of vehicle tracking and fleet analytics are some of the major factors driving the growth of position tracking system market. Additionally, extensive use of position tracking systems in marine applications is responsible for fueling the market growth.
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The global positioning system technology sub-segment of the market is expected to hold the largest market share, whereas, internet tracking sub-segment is expected to grow at the highest rate during the forecast period owing to the increasing implementation of internet tracking applications in smartphones and other mobile devices. Moreover, the growing trend of wireless connectivity across different mobile devices is one of the major factor driving the growth of position tracking system market.
The North American region holds the largest share of the market across the globe followed by Europe, and Asia Pacific region. The U.S. and Canada are dominating the North American market due to rising technological enhancements and growing adoption of tracking systems in different devices and applications in the region. Moreover, the region has a well-established infrastructure, which allows faster implementation of advanced technologies. Additionally, the growing demand for increased security is another major factor driving the growth of the position tracking system market in the region.
Key Players:
Some of the prominent players in the global position tracking system market are GPATS (U.S.), Position Tracking Systems (U.S.), Kongsberg Maritime (Norway), Advanced Realtime Tracking (Germany), Inmotio (Amsterdam), Rilapp Technologies (India), Trinetra Technologies (India), Axestrack (U.S.), and Cisco Ssytems, Inc (U.S.) (among others.
Segments:
The global position tracking system market is segmented by component, connectivity, technology, type, and application. Based on the component, the market is segmented into hardware and software. The hardware segment is further classified into the display, sensors, battery, capacitors, resistors, and diodes. Based on the connectivity, the market is segmented into wired and wireless. Based on the technology, the market is segmented into RFID, GPS, GIS, internet tracking, WLAN, and others. Based on the type, the market is segmented into indoor tracking and outdoor tracking. Whereas, based on application, the market is segmented into fleet analytics, vehicle tracking, telemetric, maritime, and industrial.
Regional Analysis:
The global position tracking system market is studied in Asia Pacific, North America, Europe, and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas the Asia Pacific is projected to grow at the fastest rate during the forecast period. The growth of the market in North America is attributed to technological advancements and increased adoption of indoor as well as outdoor position tracking system applications across various industry verticals.
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Intended Audience:
Technology Investors
Research/Consultancy Firms
Government Bodies
Position Tracking System Solution Vendors
Position Tracking System Providers
Information Technology Developers
Third-Party Vendors
Internet Service Providers
Technology Providers
System Integrators
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